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7 Ways to Smartly Save on Health Insurance Policy

Posted On : 20 January 2021, 3 Years Ago. Health-Insurance Total Read 136

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In a world where inflation has impacted almost every lifestyle, and rising costs are to be expected each year, the world of healthcare and other medical facilities is no stranger to inflated prices. Rising costs of primary health care can place quite a heavy burden on most people’s wallets. In case any advanced medical care or hospitalisation expenses are extensive are necessary, the burden of finances grows even more intense. In some unfortunate cases, funds that had been put aside for a long-term financial goal are spent on unexpected medical emergencies.

During times like these, having a health insurance plan that is specific to one’s goals is not just helpful, but quite essential. A health insurance plan can come with extensive coverage at times of any medical emergency while also serving as a contingency that can protect your painstakingly grown savings corpus. Although the needs that requirements you may have from a health insurance plan are different each time, a significant premium may be asked of you. To maintain your plan, you may be required to shell out hard-earned savings.

How to Smartly Save on Health Insurance Policy?

Luckily, there are many ways in which one can save on one’s health insurance plans

Keep these seven ways to save on health insurance in mind when buying your next policy.

1. Buy Early:

Investing in your health insurance plan as early as you can is imperative as it gives you the biggest leverage when it comes to saving on premium costs: the leverage of time. Time allows you to build up a sufficient corpus through moderately priced premium payments, depending on the policy you select. Ensure you compare the variety of features, be it individual health insurance or family health insurance, so you can make an informed decision about your specific needs.

2. Opt for Basic Health Insurance Coverage:

There is a slew of insurers who offer plans that are disease-specific at rates that are higher when it comes to the premium that is payable. A smart choice worth making is to choose a basic health insurance plan that can offer you the primary coverage you are looking for and on top of that, you can select specific riders suited to your needs. This approach is one of the ways to save on health insurance by reducing your total premiums payable.

3. Choosing a Group Health Cover:

When it comes to the health insurance premiums that are applicable, group health policies easily take the cake over individual health insurance policies. Apart from the remittance of the benefits that come with group health insurance relative to an individual health insurance policy, one can be assured that their basic needs will be accounted for. Whether or not one has health insurance of their own, employers that offer a group health insurance policy are more preferable over those who do not.

4. Opting for Family Floater Schemes:

A family floater offers joint healthcare coverage for your children, spouse, and you. The coverage points are also extensive and the premiums that are payable are low when compared to an individual and directed cover.

5. Choosing Top-up Options:

In case you feel like the coverage that is offered by your plan is not sufficient, you can always pick a top-up option, rather than opting for a separate health insurance plan altogether. In the former case, you only pay for top-up features and not for an entirely new plan.

6. Choosing a No-Claim Bonus:

Multiple health insurance providers offer the benefits of a no-claim bonus during any given year, where no claim was made by you. Hence, they enhance a basic cover as you can avail of these bonuses at any time during the policy period.

7. Maintaining a Healthy Lifestyle:

One of the best ways to save on health insurance premiums is simply to maintain a healthy lifestyle. A healthy lifestyle affords you many benefits like cutting down on overall medical bills. The benefits you can accrue from your overall lifestyle being in your control will be greater than any of the aforementioned tips.

Conclusion:

Health insurance premiums can be very costly, but there are many ways using which you can save on your policy costs. Employ these smart saving ways so you can make the most of your health insurance policy.

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